LBP LEASING AND FINANCE CORPORATION
LBP Leasing and Finance Corporation (LLFC or the Corporation), a wholly owned subsidiary of Land Bank of the Philippines (LANDBANK), was created in 1983 to complement the product lines being offered by the Bank. Based on its Articles of Incorporation, LLFC’s primary purposes included the following:
- Engage in leasing of all kinds of equipment
- Extend credit to industrial, commercial, agricultural and other enterprises
- Engage in financing of merchandise in all their various form
The creation of LLFC was in line with Section 21-A of Republic Act 337 or the General Banking Act which allows Banks such as LANDBANK to invest in equities of companies with allied undertaking such as leasing activities. The Corporation was created by LANDBANK to provide support to the Bank and its clients in the form of financial, lease purchase, and operating leases.
LLFC was registered with the Securities and Exchange Commission (SEC) on March 17, 1983. LLFC’s Certificate of Authority to operate as a financing company in accordance with the provision of R.A. 5980 and to undertake leasing activities both financial and operational was approved by SEC on March 18, 1983.
On March 6, 1998, SEC approved the increase in capitalization of the Corporation to P500.0 Million. Last November 3, 2015, LLFC securedapproval from SEC forits Amended Articles of Incorporation and By-Lawswhich included the change of name from LBP Leasing Corporation to LBP Leasing and Finance Corporation.